We're flat temporarily | 20 January 2021

20 January 2021, USD/JPY

We're flat temporarily

Technical observation

USD is trading with an increasing bearish bias above a supportive zone 103.70-103.62. I expect a loss of this bearish movement within the zone mentioned above for a momentum to the upper side. My advice, remain flat temporarily, pick long positions within the zone 103.70-103.62 after a bounce with your take profit at 104.68, and stop loss at 103.30. Should there be a clear breakout below the zone 1.3609-1.3605 with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming a possible momentum to the lower side before you pick short position towards the level 102.64.

Trade recommendation

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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